A deal has been agreed to help bolster the finance of a huge property investment scheme in Vietnam.
Work is already under way on the Saigon M&C Tower project in Ho Chi Minh City, Saigon, but Vietcombank and Dong A Bank have both now promised loans worth $133.5 million for its construction.
Nhan Dan also reported Vietcombank was providing $110 million of the deal for the combined offices and apartment scheme.
The tower is set to include 133 apartments when complete, each with three bedrooms and varying in size from 150 to 200 sq mt.
Initial values stand at $2,700 per square metre, making it Vietnam’s most expensive property investment project.
Due to be complete in 2010, the 40-storey scheme actually involves two towers side by side, one commercial one residential.
Besides homes, the bottom of the towers will also feature shopping centres on the bottom eight floors.
Vietnam’s property investment market is currently experiencing a boom in new high-rise projects, with the Sailing Tower , a plush apartment homes scheme, just starting handovers in Saigon.
First unveiled back in 2007, the Saigon M&C Tower is now expected to be ready for homes handovers in summer 2010.
Property investment remains strong in Vietnam despite the global credit crunch as a technological boom creates demand for new homes for urban workers.
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